More than two thirds of UK retirees are estimated to be either working, considering a return to work, or upping their hours as a result of the downturn.A survey, conducted by financial technology group 1st - The Exchange, who questioned 2,000 people in retirement age, found that 70% of them were either working or considering working in retirement, directly because of the double whammy of the ongoing recession and a lack of pension savings.
The results are a timely reminder of the dire straits that many retirees and pension savers are presently in.
Paul Yates, at 1st – The Exchange, said: 'With news this week that a further one million workers are facing inadequate retirement provision due to the closure of many final salary pension schemes by 2012, the situation is only likely to get worse.'
A separate study from annuity group MGM Advantage has found that the impact of the economic downturn on pension pots has forced more than a third of people of 55 – almost 2m - to put off their retirement plans and continue working.
In its research, 1st - The Exchange, found that more than half of retirees, at 53%, are already working full or part time in order to supplement their pension, of which 10% are looking to extend their hours.
Another 17% are considering returning to work because their existing pension is not enough to see them through retirement.
In addition, 28% of men expect to work for 10 years after retirement until at least the age of 75 and 13% of these expect to work for longer, almost half, at 49%, of women anticipate that they will have to work 10 years after retirement up to the age of 70.
Source: thisismoney
No comments:
Post a Comment